St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1887-10-09

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The sale of 100 feet on the southwest
corner of Wabasha and Fifth streets, of
the estate of the late Commodore David
son. to William Bickel, was conSummated
during the week by the delivery OF the
deed. As previously stated it was pur-
chased for the Germania bank. The
plans will be perfected as speedily as
possible for the erection of a very fine
banking building upon the corner. Of
course it Will take some time to eXca-
waite for the foundation, as 1t IS solid
rock quarry eleven feet in thickness,
but this makes it all the more secure for
the erection Of handsome building.
~
The enterprise displayed by the Ger
mania bank, in securing at low price
a location for fine building might well
be followed by other banking corpora
tons that are now occupying leased
premises. The First National bank, the
National German-American bank and
the Bank OF Minnesota are, it is be-
heved. about the only banking corpora
lions that own their own premises, and,
if report is reliable, the rentals on the
property pay as well for the money in
vested as the capital stock invested in
the regular banking business.
-
If any of the banking institutions in
st. Paul that are now occupying leased
ground would now select site on Rob-
ert. Jackson or Minnesota streets, some
where between Third street and Seventh
street. and locate thereon a suitable
building for banking purposes, it would
undoubtedly draw to it great many
financial agencies and would be speedily
occupied from top to bottom with mon
eyed concerns.
The general condition of the market
has not materially changed from what
it was a week ago, although it is said
that money is easier and that the strin-
gency that prevailed thirty days ago has
decidedly changed for the better.
Some of the real estate men of the
city are interested in banks as stock
holders and directors, and they are
quite anxious to see some bank or mon
eyed organization made which can ham
die mortgages and act as a sort of finan-
cial agency i'll the placing of large
loans.
1t seems to be a most excellent field
for some one to operate in this direction.
Notwithstanding the fact that st. Paul
has a larger banking capital than any
other city of its size in the United
States, every dollar of money the banks
can command is used in ordinary COM
mercial business, and the banks uni
formly decline to accept paper that runs
for long time and is secured Oh real es-
tate, and yet great deal of that kind
of paper could be handled here with an
excellent percentage gl* of profit
Suburban transportation and the ex-
tension of street car lines still engages
a great deal of attention. The COM
panieS in existence building electric
motor or cable lines are constantly I'LL
pOrtuned to extend their lines and press
their work rapidly to completion. The
people are, in fact, clamoring for
better accommodations, and, unless they
are obtained through existing corpora
tons by another year, there will I'M
doubleday be a strong movement to in
duce new capital to come here and give
the people the facilities they need.
There has never been in the city of
st. Paul a public improvement under
way that has been subjected to so much
rldlcule and so much Semi-abuse as the
cable line has been subjected to from
the time the first pick was put into the
ground nearly up to the present time
The delay in the construction of the
line has been a subject of general
mOckery on the streets. These people
seem to have thought it impossible for
the cable company to succeed in COM
pleting the line within the period re-
quired by the ordinance. Now, how
ever, the company is crowding the work
with two crews of men working at night
by electric light, with good prospects of
having the road ready in time according
to the specifications in the contract.
Now what will the scorners say if the
road is ready for them on time?